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Islamic Banking And Finance In South-east Asia

Its Development And Future (2nd Edition)

By: Angelo M Venardos

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Paperback | 30 January 2006 | Edition Number 2

At a Glance

Paperback
256 Pages

Edition Type
Revised

Dimensions(cm)
22.76 x 15.44 x 1.37

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To truly understand the current interest in the development of Islamic banking and finance in South-East Asia and how it is different from the conventional banking system, one must first understand the religious relationship originating from the Qur'an, and then trace the historical geographic and political developments of Islam over recent centuries. Only on this basis can the reader, without prejudice or cynicism, begin to appreciate Shari'ah law and Islamic jurisprudence. With this platform established in the first part of the book, readers are invited to learn about the financial products and services offered, understand the challenges in their development, and ultimately recognize the significant opportunities that Islamic banking and finance can provide both Muslims and non-Muslims.This second edition contains updates of statistics and dates with regards to the development of Islamic banking in Malaysia, Singapore, Indonesia and Brunei. In particular, the chapter on Singapore details significant developments such as the direction which major banks are taking towards Islamic banking and the increase in Islamic banking products being offered.Although written by a non-Muslim author, this highly-regarded book is being translated into Arabic by a leading Islamic university in the Middle East.

Industry Reviews

"... his insightful elucidation on the subject has nevertheless drawn widespread acclaim from critics all over the world. The first book of its kind to lay bare the mystique surrounding Islamic banking and finance, this highly-regarded book has even attracted interest from a leading Islamic university in the Middle East, an extraordinary feat considering he is a relative outsider compared to the many Arabs who have commented on the topic."BusinessCraft

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You Can Find This Book In

Non-Fiction Earth Sciences, Geography, Environment, Planning Geography Human Geography Economic Geography Accounting & Finance Finance Banking Law Jurisprudence & General Issues Systems of Law Islamic Law

Laws of Specific Jurisdictions Financial Law Banking Law

Foreword	p. xiii
Preface to 2nd Edition	p. xv
Acknowledgements	p. xvii
Introduction	p. 1
Islamic History	p. 10
The Quran	p. 10
The Five Principles of Islam	p. 11
The Mosque	p. 12
Muhammad and the Origins of Islam	p. 12
The Spread of Islam	p. 14
The Golden Age of Islam	p. 15
Decline and Fall	p. 17
A Revival of Fortunes	p. 18
Middle-Eastern Oil	p. 20
Islamic Nationhood in the Late Twentieth Century	p. 20
The Iranian Revolution and After	p. 22
Islamic Banking and Islamic Revival	p. 24
Shari'ah Law and Islamic Jurisprudence	p. 26
From the Obligatory to the Forbidden	p. 27
The Quran, the Sunnah and the Hadith	p. 27
The Five Major Schools of Islamic Law	p. 28
Classical Islamic Jurisprudence and the Processes for Ascertaining the Law	p. 31
The Concept of Fatwah	p. 33
From Revelation to Codification: Scholasticism and the Formulation of Doctrine	p. 35
Closing of the Door of Ijtihad	p. 36
Shari'ah and State Law in the Modern Era	p. 37
Islamic Commercial Law	p. 40
Islamic vs. Non-Islamic Commercial Transactions	p. 41
Principal Requirements of the Shari'ah in Relation to Commercial Activities	p. 42
Islam: the Difference between Equity and Debt	p. 44
Rationale of the Prohibition of Interest	p. 45
Conventional Banking and the Prohibition of Riba in Islam	p. 47
Treatment of Deposits with Interest	p. 48
Profit and Loss Sharing	p. 48
Profit-Sharing Enterprises	p. 49
Islamic Contract Law	p. 50
Types of Contract in Shari'ah	p. 51
Islamic Financing in a Contemporary Setting	p. 53
The Problem of Uncertainty (gharar)	p. 54
Summary	p. 55
Islamic Financial Products	p. 59
The Emergence of Islamic Banking	p. 60
Different Paths, Same Goal	p. 63
What Investment Products are Permissible under Islamic Shari'ah Law	p. 65
Shari'ah Investment Principles	p. 66
Equity-Financing and Debt-Financing in Pre-Islamic Arab Society	p. 68
Islamic Equity-Financing and Debt-Financing	p. 70
Equity Securities: Profit-Sharing Contracts	p. 71
Debt-Financing Contracts	p. 73
Debt Securities	p. 78
Shari'ah Qualifications in Leasing	p. 79
Other Risk-Taking Products	p. 80
Islamic Insurance	p. 81
Takaful Insurance in a Contemporary Context	p. 82
Takaful Compared with Conventional Insurance	p. 83
Summary	p. 84
Issues and Challenges of Islamic Banking Today	p. 87
Obstacles to the Application of Islamic Law to Present Day Banking	p. 88
Derivation from Revealed Sources	p. 89
Methodological Differences	p. 90
Pluralism of Fatwahs	p. 93
The Problem of Applying Islamic Law in a Western Legal Environment	p. 94
Accounting and Corporate Regulatory Practices	p. 95
Depositors and Regulators	p. 98
Regulators' Concerns	p. 100
Legal Challenges	p. 104
Developing an Efficient Regulatory Framework	p. 104
Special Requirements of Islamic Banking	p. 106
Assessment and Management of Investment Risks	p. 108
Proposals for a Regulatory Framework for Islamic Banking	p. 110
Conclusion	p. 111
Islam in South-east Asia	p. 115
The Coming of Islam to South-east Asia	p. 115
European Rivalries and Colonisation	p. 117
The Road to Independence	p. 119
Post-Independence: A New World Order	p. 120
The Philippines	p. 121
Indonesia	p. 123
Malaysia	p. 124
Brunei	p. 127
Islam in South-east Asia Today	p. 128
Colonial Legacies: Islam and State Law in South-east Asia	p. 130
Shari'ah vs. State Law	p. 131
British Malaya	p. 132
The Introduction of English Common Law to Malaya	p. 134
Out of India	p. 135
Muslim Law in Malaysia	p. 137
Conflict between Muslim Law and English Common Law	p. 138
Maria Hertogh: A Case in Point	p. 140
Post-Independence	p. 142
Islamic Banking in Malaysia	p. 144
Origins of Islamic Banking in Malaysia	p. 145
Bank Negara Guidelines on Islamic Banking	p. 147
The Shari'ah Supervisory Council	p. 148
Making Islamic Banking Compatible with Conventional Banking	p. 149
Some Observations on the Malaysian Legal Framework	p. 150
Islamic Financial Products in Malaysia: The Concept of an Islamic Window	p. 151
The Malaysian Government Investment Certificate	p. 152
Debt Securities	p. 153
Islamic Accepted Bills	p. 155
Takaful Insurance in Malaysia	p. 155
Conclusion	p. 157
Islamic Banking in Indonesia	p. 161
Islam and Government in Indonesia	p. 162
Traditional Islamic Financial Institutions in Indonesia	p. 165
Introduction of Measures to Permit Islamic Banking in Indonesia	p. 166
Contemporary Indonesian Islamic Financial Institutions	p. 166
The Introduction of Standard Accounting Procedures	p. 168
Forms of Lending and Borrowing in Indonesia	p. 169
Lending Forms	p. 169
Profit-Sharing Forms	p. 170
Borrowing Forms	p. 171
Conclusion	p. 172
Labuan: A Niche in the Islamic Money Market	p. 175
Role of Labuan Financial Services Authority	p. 176
Labuan Offshore Companies	p. 177
Currency and Exchange Control	p. 177
Tax Incentives	p. 177
Labuan International Financial Exchange	p. 178
Moving Forward with Islamic Banking	p. 179
Conclusion	p. 180
Islamic Banking in Brunei	p. 182
Introduction	p. 182
Brunei International Financial Corporation (BIFC)	p. 184
The Exclusion of Money Laundering a First Priority	p. 185
Parallel Jurisdictions	p. 185
Islamic Banking in Brunei	p. 186
Takaful in Brunei	p. 189
Latest Developments	p. 189
Conclusion	p. 192
Banking in Singapore	p. 194
Introduction	p. 194
Legal Framework - Legislation Enacted by the Parliament of Singapore	p. 198
English Common Law and Statutes	p. 199
Singapore - An Alternative to Switzerland	p. 200
Singapore - Financial System Stability Assessment	p. 201
Singapore's Role as a Financial Centre	p. 202
Islamic Banking in Singapore	p. 203
Conclusion	p. 209
Conclusion	p. 210
Introduction	p. 210
Conversion Project Plan	p. 212
Moral Hazard and the Risk of Fraud	p. 213
The Problem of Delays in Payment and Insolvency	p. 214
Problems with Futures Contracts	p. 215
Moving Forward	p. 216
Conclusion	p. 218
Glossary	p. 221
Bibliography	p. 226
Index	p. 236
Table of Contents provided by Ingram. All Rights Reserved.

Islamic Banking And Finance In South-east Asia

Its Development And Future (2nd Edition)

At a Glance

Paperback

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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